When I see contests like this, my first thought always goes to "But do they real... | Hacker News

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ecaron on Nov 4, 2014 | parent | context | favorite | on: $300k for Cracking Telegram Encryption

When I see contests like this, my first thought always goes to "But do they really have the money to pay me if I figured it out."

For big prize payout contests, I'd get a lot more serious if they provided proof that the funds were waiting in escrow until end-date/winner.

But I'm probably unnecessarily suspicious of the depth of a startup's pockets...

Geee on Nov 4, 2014 | [–]

It's not a 'startup'. It's a project by the founders of VK, and they surely have deep pockets.

Sambdala on Nov 4, 2014 | [–]

Even ignoring that $300k isn't that much for most companies, there's insurance for big prize payouts where you'd pay the expected % time you'd have to pay out times the prize amount, plus a vig for the insurance provider.

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